According to The Peninsula, the Central Bank of the United Arab Emirates (CBUAE) said on Wednesday it has completed the world's largest pilot of central bank digital currencies (CBDC) transactions, with other regulators including the People's Bank of China's Digital Currency Institute.

"The project mBridge demonstrated faster, cost effective and secure cross-border monetary settlements using central bank money, identified as a G20 economic priority," CBUAE said, adding it would be positive for regional and international trade, as well as participating entities.

The pilot was part of Project mBridge, which experiments with cross-border payments using a common platform based on distributed ledger technology (DLT) which central banks can use to issue and exchange their CBDCs.